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Hardware wallets are considered very secure by experts for storing crypto assets. The models of the French manufacturer Ledger and its Czech competitor Trezor are particularly well-known, but there is another player on the market: the Swiss Shift Cryptosecurity AG with its BitBox. A wallet “Made in Switzerland”. We took a close look at the new BitBox02 hardware wallet and explain how it works.
According to estimates, up to 25% of all Bitcoins disappear into thin air because access to the wallet in which they are stored is no longer possible. This doesn’t just happen in major disasters such as fires or water damage. The paper recovery sheets, on which the seed (i.e. the access code to the wallet) is usually noted, sometimes also fall victim to a well-intentioned spring cleaning or chaos.
The BitBox promises a remedy by automatically backing up the wallet on a microSD memory card. If required, the recovery seed (BIP39) can also be displayed and – as is customary with other hardware wallets – noted on a piece of paper.
BitBox02 Hardware Wallet – First Impression
The BitBox02 makes a good impression right from the start: the restrained, straightforward design and the clean workmanship look high-quality. At first glance, it could be a normal USB stick with an SD slot, but on closer inspection it becomes clear that the small device must be able to do a little more.
But despite the ultra-modern OLED display and invisible touch sensors, laypersons will not recognize that this stick is actually a, possibly bulging, wallet.
Scope of delivery
- BitBox 02 Hardware Wallet
- microSD memory card
- USB-C extension cable
- USB-C to USB-A adapter
- Rubber bands for storage
- Sticker for labeling
In addition to the actual device, the scope of delivery includes other accessories, including the microSD memory card for the backup, a USB-C extension cable and an adapter from USB-C to USB-A (in case the computer used does not have a USB-C port).
Instructions: Setting up the BitBox02 Hardware Wallet – this is how it Works
- First, visit the manufacturer’s website at shiftcrypto.ch/start and download the BitBoxApp. Versions are available for Windows, macOS and Linux.
- Now it’s time to continue with the BitBox: insert the microSD card into the slot provided and connect the BitBox02 to the computer.
- As soon as the BitBox02 is plugged in, the setup wizard starts automatically and guides you through the setup of the BitBox02. First, select the screen orientation. Then confirm that the code on the BitBoxApp and the BitBox02 are identical. Then you can create a new wallet or restore an existing one. Choose a name and confirm it to the device. Then set a device password for your BitBox02, which you must enter each time you want to use the BitBox02. The setup wizard shows a video on how to enter the password by touching the BitBox02.
- Both passwords should be noted and, ideally, stored separately from each other, securely and, above all, offline. In any case, it should never be recognizable to outsiders which password belongs to which.
- Now remove the microSD card from the BitBox02 and store it in a secret place as well. Attention: The card is not password-protected. Anyone who has access to it can also dispose of the tokens stored in the wallet.
It cannot be emphasized enough how important it is to protect the microSD card and the recovery seed. If you want to be completely sure and store the seed protected from water, fire and the ravages of time (and enjoy small games), don’t just write it on a piece of paper, but hammer it into a titanium plate like with the Cryptotag. That’s robust, chic and a lot of fun.
BitBox02 Multi Edition vs. BitBox Bitcoin-only Edition
The BitBox02 is available in two versions, as BitBox02 Multi edition and as BitBox Bitcoin-only edition. The names are self-explanatory: The BitBox02 Bitcoin only supports only one cryptocurrency, namely Bitcoin. But it does that particularly well, as the manufacturer promises. Other cryptocurrencies cannot be stored here. If you (also) own other tokens, you need the standard version. In addition to Bitcoin, it is also suitable for Litecoin, Ethereum and ERC-20 – probably the digital currencies that the manufacturer considers to be particularly promising.
For comparison: The two competitor wallets from Ledger and Nano X each support over a thousand different altcoins in addition to Bitcoin. So if you also want to trade with tokens other than BTC, LTC, ETH and ERC-20, you are already further along in your decision for the right hardware wallet – because the BitBox is then out of the question.
Conclusion – this is What the Hardware Wallet Made in Switzerland Can Do
After our test, we like the BitBox02 Hardware Wallet extremely well. The design is appealing but not too revealing, the setup takes hardly five minutes and the handling via tapping, swiping or holding the touch sensors on the long sides of the device is as easy as it is intuitive. And the double backup option via microSD card and recovery seed effectively reduces the risk of losing access to the wallet.
Interesting plus: The BitBox02 is also FIDO U2F compatible, so it can also be used for two-factor authentication for accounts with Google, Facebook, Dropbox.
At the moment CHF 109.00, the wallet is a few francs cheaper than the products of the competition. So if you are looking for a hardware wallet and do not plan to trade any tokens other than BTC, LTC, ETH or ERC-20, the new BitBox02 hardware wallet is a good choice.
But no matter which wallet you choose: It is important to make sure that you only purchase it directly from the manufacturer or from an official and reputable sales partner (e.g. bitConsult for Switzerland). Also, check the packaging and the product for possible manipulations before setting it up and always keep all sensitive data protected.
Other hardware wallets:
